| | APRIL 20218IOT ENABLED SOLUTIONS ARE OPENING OPPORTUNITIES FOR NEW BUSINESS MODELBy Dr Rishi Bhatnagar, President, Aeris Communicationse received Voice&Data "Leadership Recognition Award" ­ India 2019, In-dian ISV "IoT CEO of the Year 2018" and BTVI "Business Leader of the Year 2018" and has also been award-ed with `Digitalist Thought-Leader' Award in the Internet of Things section at the Digital Transformation Forum 2015 by SAP India.The age of connected technologies and Internet of Things has now arrived! COVID-19, the novel corona-virus, brought the whole world in the eye of the storm, and has driven organisations to rethink the way they work and operate. The effects of the pandemic on the global economic recession are causing CIOs to prioritise spending on technology and services that are deemed "mission-critical" over initiatives aimed at growth or transformation. Investing in connected technologies like the Internet of Things (IoT) is no more a luxury, but a necessity for survival and business continuity.When it comes to business, the two prominent ways in which IoT adds value to businesses are, firstly, bring-ing in operational efficiencies, and, secondly, transform-ing existing models to open new revenue streams. IoT makes it easy for organisations to improve ex-isting business operations with predictive maintenance, supply chain monitoring, and automation. As the IoT expands its reach and capacity for operational efficiency, more industrial facilities are seeing the benefits of IoT connectivity for industrial applications. Also known as Industry 4.0, the Industrial Internet of Things (IIoT) is one of the fastest growing segments of IoT. The goal of IIoT is for OEMs to achieve unparalleled visibility into production stages and processes, identify any problem-atic gaps or pain points, and fix them before they grow into significant or complex issues. The result is a more efficient industrial process with more uptime and higher production quality.Accenture report estimates that IIoT could add $14.2 trillion to the global economy by 2030. IIoT seeks to drive operational efficiencies in industrial settings through automation, analytics, and connectivity. Using a network of sensors and communications technologies, all parts of an industrial process can be interconnected and managed from a single platform, which analyses the data captured by the sensors and organizes it into action-able information. This approach is great for businesses that want to invest in IoT incrementally in order to save money on expenses that they previously had little control over. May OEMs through their innovative approaches to IIoT deployment have gained competitive advantage. One such company is Bosch which leverages IoT's track HIN MY OPINION
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